Relevant bits (from my perspective):Q: ... what rights the author retains.
A: While the contract I'm creating is still in early development, I'm most likely going to ask authors for exclusivity for 6 months, non-exclusive Electronic and Audio Rights, World English-Language Anthology Rights and First Foreign-Language Rights.

Q: "Is this something you're doing as a physical book, or ebook?"
A: I'm aiming to release this anthology as print-on-demand through CreateSpace and sell it on Amazon. Next I plan to release the anthology as an ebook through Kindle and other formats.

After the book has been available for a few weeks, I also plan to release it as a free PDF file. The point of this is to generate buzz/readers. So for every person who reads it for free, you hope they bring in two or more potential customers.

Q: Who is financially responsible for the editing, proofreading, etc? Who will be listed as the publisher? (I assume you since you are the one running this?)
A: The profits will be split by the total number of published stories(less cover artist)/individual author's total number of published stories. The editor will be counted as a published author, sharing in the profits as well. I will be listed as the publisher.

Q: What is the timeframe from submission to selection and then selection to publication?
A: I will have selected the final stories 6-8 weeks after June 15, 2011. Then I will take 2-4 weeks to compile and edit. One week for a workshop/plan of action meeting. 2-4 weeks to release the POD version. That's aiming for an October 2011 release.